In 1991, he transferred virtually everything he owned, including his shares in Playboy and the Playboy Mansion, into a trust.

He later created another trust to hold shares in Playboy that he purchased from other shareholders.

This arrangement would leave his estate with few assets, but he still controlled all of his assets through the trusts.

The terms of the larger trust gave him lifetime control of Playboy as editor of the magazine and an annual salary of $1 million. It is not clear who will control everything now, since the full details of the trusts are not publicly known.

What Hefner did, is common for wealthy people.

By transferring assets to trusts, they can keep most of their financial transactions and wealth private and free from media scrutiny. Only when a trust is litigated by a disgruntled family member will its contents become publci.